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Table of Contents

    • About the Authors
    • Acknowledgments
    • Preface
    • 1Economics: The Study of Choice
      • 1.1Start Up: Economics in the News
      • 1.2Defining Economics
      • 1.3The Field of Economics
      • 1.4The Economists’ Tool Kit
      • 1.5Review and Practice
    • 2Confronting Scarcity: Choices in Production

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      • 2.1Start Up: An Attempt to Produce Safer Air Travel

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      • 2.2Factors of Production

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      • 2.3The Production Possibilities Curve

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      • 2.4Applications of the Production Possibilities Model

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      • 2.5Review and Practice

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    • 3Demand and Supply

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      • 3.1Start Up: Crazy for Coffee

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      • 3.2Demand

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      • 3.3Supply

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      • 3.4Demand, Supply, and Equilibrium

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      • 3.5Government Intervention in Market Prices: Price Floors and Price Cielings

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      • 3.6Review and Practice

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    • 4Elasticity: A Measure of Response

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      • 4.1Start Up: Raise Fares? Lower Fares? What’s a Public Transit Manager To Do?

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      • 4.2The Price Elasticity of Demand

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      • 4.3Responsiveness of Demand to Other Factors

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      • 4.4Price Elasticity of Supply

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      • 4.5Review and Practice

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    • 5Markets, Maximizers, and Efficiency

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      • 5.1Start Up: A Drive in the Country

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      • 5.2The Logic of Maximizing Behavior

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      • 5.3Maximizing in the Marketplace

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      • 5.4Market Failure

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      • 5.5Review And Practice

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    • 6Production, Cost, and Market Models

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      • 6.1Start Up: Street Cleaning Around the World

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      • 6.2Production Choices and Costs: The Short Run

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      • 6.3Production Choices and Costs: The Long Run

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      • 6.4An Overview of Models of Market Organization

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      • 6.5Review and Practice

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    • 7Competitive Markets for Goods and Services

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      • 7.1Start Up: Life on the Farm

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      • 7.2Perfect Competition: A Model

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      • 7.3Output Determination in the Short Run

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      • 7.4Perfect Competition in the Long Run

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      • 7.5Review and Practice

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    • 8Monopoly and Its Regulation

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      • 8.1Start Up: Surrounded by Monopolies

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      • 8.2The Nature of Monopoly

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      • 8.3The Monopoly Model

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      • 8.4Comparing Monopoly to Other Forms of Market Organization

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      • 8.5Antitrust Laws and Their Interpretation

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      • 8.6Review and Practice

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    • 9Wages and Employment in Perfect Competition

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      • 9.1Start Up: College Pays

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      • 9.2The Demand for Labor

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      • 9.3The Supply of Labor

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      • 9.4Labor Markets at Work

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      • 9.5Review and Practice

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    • 10Inequality, Poverty, and Discrimination

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      • 10.1Start Up: Occupy Wall Street and the World

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      • 10.2Income Inequality

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      • 10.3The Economics of Poverty

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      • 10.4The Economics of Discrimination

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      • 10.5Review and Practice

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    • 11Macroeconomics: The Big Picture

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      • 11.1Start Up: Economy Limps Along

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      • 11.2Growth of Real GDP and Business Cycles

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      • 11.3Price-Level Changes

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      • 11.4Unemployment

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      • 11.5Review and Practice

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    • 12Measuring Total Output and Income

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      • 12.1Start Up: The Lockup

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      • 12.2Measuring Total Output

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      • 12.3Measuring Total Income

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      • 12.4GDP and Economic Well-Being

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      • 12.5Review and Practice

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    • 13Aggregate Demand and Aggregate Supply

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      • 13.1Start Up: The Great Warning

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      • 13.2Aggregate Demand

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      • 13.3Aggregate Demand and Aggregate Supply: The Long Run and the Short Run

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      • 13.4Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium

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      • 13.5Review and Practice

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    • 14Economic Growth

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      • 14.1Start Up: How Important Is Economic Growth?

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      • 14.2The Significance of Economic Growth

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      • 14.3Growth and the Long-Run Aggregate Supply Curve

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      • 14.4Determinants of Economic Growth

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      • 14.5Review and Practice

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    • 15The Nature and Creation of Money

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      • 15.1Start Up: How Many Macks Does It Cost?

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      • 15.2What Is Money?

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      • 15.3The Banking System and Money Creation

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      • 15.4The Federal Reserve System

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      • 15.5Review and Practice

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    • 16Financial Markets, the Fed, and Monetary Policy

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      • 16.1Start Up: The Fed's Extraordinary Challenges in 2008

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      • 16.2The Bond and Foreign Exchange Markets

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      • 16.3Demand, Supply, and Equilibrium in the Money Market

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      • 16.4Monetary Policy in the United States

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      • 16.5Problems and Controversies of Monetary Policy

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      • 16.6Review and Practice

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    • 17Government and Fiscal Policy

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      • 17.1Start Up: A Massive Stimulus

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      • 17.2Government and the Economy

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      • 17.3The Use of Fiscal Policy to Stabilize the Economy

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      • 17.4Issues in Fiscal Policy

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      • 17.5Review and Practice

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    • 18A Brief History of Macroeconomic Thought and Policy

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      • 18.1Start Up: Three Revolutions in Macroeconomic Thought

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      • 18.2The Great Depression and Keynesian Economics

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      • 18.3Keynesian Economics in the 1960s and 1970s

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      • 18.4Macroeconomics for the 21st Century

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      • 18.5Review and Practice

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    • AAppendix A: Graphs in Economics

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      • A.1How to Construct and Interpret Graphs

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      • A.2Nonlinear Relationships and Graphs without Numbers

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      • A.3Using Graphs and Charts to Show Values of Variables

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